Financial institutions are required to file Form 1099-A and/or Form 1099-C when they foreclose or repossess collateral or forgive or cancel debt. For example, Form 1099-A must be filed when the financial institution forecloses on collateral (but there are many exceptions you need to know), and Form 1099-C must be filed when the institution cancels a debt (even if you haven’t actually forgiven the debt). Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A and 1099-C.
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